The annual apartment price growth in the major cities of Lithuania was 5.5% in 2016

The Ober-Haus Lithuanian apartment price index (OHBI), which records changes in apartment prices in the five major Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys), increased by 0.4% in December 2016. The annual apartment price growth in the major cities of Lithuania was 5.5% (the annual apartment price growth in November 2016 was 5.2%), a representative from Ober-Haus Lithuania informed BC.

In December 2016 apartment prices in the capital grew
0.4% with the average price per square meter reaching EUR 1,417 (+6 EUR/sqm).
Since the last lowest price level recorded in May 2010 prices have increased by
22.7% (+263 EUR/sqm). Apartment prices in Kaunas, Klaipėda, Šiauliai and
Panevėžys in October grew by 0.3%, 0.4%, 0.8% and 0.9% respectively with the average
price per square meter reaching EUR 984 (+3 EUR/sqm), EUR 1,012 (+3
EUR/sqm), EUR 595(+4 EUR/sqm) and EUR 559 (+6 EUR/sqm).

In the past 12 months, the prices of apartments grew in all
major cities: 6.8% in Vilnius, 4.3% in Kaunas, 2.7% in Klaipėda, 5.5% in
Šiauliai and 5.1% in Panevėžys.

“Last year can be considered exceptional in the country’s
housing market in major cities. The highest positive annual apartment price
change (+ 5.5%) was recorded in major cities culminating in a significant and
fastest annual increase in prices in the country’s capital city (+6.8%) since
2007. In 2016, Vilnius saw the historical surge in market activity with the
largest number of registered apartment transactions in a year exceeding even
the 2007 figure by 2%. Market activity indicators in other major cities were
some of the best in the past 9 years. It is clear that very high or even record
demand for homes propelled the price rise,” says Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus.

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